The International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the World Bank and the Financial Stability Forum announce today’s formal establishment of the Public Interest Oversight Board (PIOB) to oversee the public interest activities of the International Federation of Accountants (IFAC).

The PIOB will oversee IFAC’s international standard setting activities in the areas of audit performance standards, independence and other ethical standards for auditors, audit quality control and assurance standards, and education standards. It will also oversee IFAC’s Member Body Compliance Program. The PIOB will be chaired by Stavros Thomadakis, Professor of Finance at the University of Athens, and former chairman of the Hellenic Capital Market Commission. A list of the PIOB members and their affiliations is included in the attached press release.